You won’t know what heights your company can reach until you figure out where you stand among industry peers.
How do you know whether you are reaching your company’s potential? Is $2 million dollars profit good? Well, it sounds good….. However, the key is really in comparison to what should be achievable. One way to understand these objectives is through benchmarking.
Benchmarking helps put your performance in perspective with other companies in your industry – and ones that can provide a reasonable comparison. How well do you perform vs. others? How well do you perform vs. other sites in your company? Internal benchmarking can result in a goldmine. Gather this information and put it to good use.
Find areas of opportunity. What are your strengths? Can you build upon them? In which areas are you in the “middle of the pack”? How can you find ways to improve? Go to trade organizations. Read industry journals. Ask communities.
If you don’t know where you stand, how do you know where to focus? Benchmarking can be a critical component. I’ve recently incorporated this type of focus into my Profit Chain Accelerator Program as it is repeatedly proven cornerstone to success. Email me for more information.